LIC Jeevan Samridhi Calculator
UIN: 512N215V01 (Withdrawn Plan)
Launch Date: 2002
Withdrawal Date: 2005
Plan Type: Money Back Plan with Guaranteed Additions
- Guaranteed Addition: ₹65 per ₹1,000 Sum Assured for each completed year.
- Death Benefit = Sum Assured + Guaranteed Additions + Loyalty Additions.
- Loyalty Addition assumed at 10% of Sum Assured for illustration.
- Guaranteed Surrender Value = 30% of premiums paid excluding first year premium.
- Premium values are indicative estimates based on available plan data.
What is LIC Jeevan Samridhi?
LIC Jeevan Samridhi is a traditional money-back insurance plan offered by the Life Insurance Corporation of India (LIC). The plan combines life insurance protection with periodic survival benefits and maturity payouts, making it suitable for individuals seeking both financial security and regular returns during the policy term.
The plan provides multiple benefits, including:
- Life insurance protection throughout the policy term.
- Guaranteed additions to enhance policy value.
- Loyalty additions subject to LIC’s performance.
- Periodic survival benefits payable during the policy duration.
It is designed for policyholders who prefer a combination of insurance coverage and scheduled payouts.
Unique Identification Number (UIN)
The Unique Identification Number (UIN) of LIC Jeevan Samridhi is 512N215V01. This identification number is used for policy administration, servicing, and regulatory reference.
Launch and Withdrawal Dates
LIC Jeevan Samridhi was introduced in 2002 and remained available for purchase until 2005. Since the plan has been withdrawn, it is no longer available for new customers.
Today, the LIC Jeevan Samridhi Calculator is mainly useful for existing policyholders who wish to estimate premiums, maturity benefits, survival payouts, or surrender values associated with their policies.
The withdrawal of the plan was part of LIC’s product restructuring, which gradually shifted focus toward newer insurance products, including market-linked and unit-linked plans.
Key Features of LIC Jeevan Samridhi
- Plan Type: Money-back insurance plan with life cover.
- Policy Term: Various policy term options generally ranging between 12 and 25 years, depending on the selected variant.
- Premium Payment Term: Premiums are usually payable throughout the policy term.
- Survival Benefits: Periodic payouts are provided at specified intervals during the policy term.
- Maturity Benefit: The maturity amount includes the Sum Assured along with applicable additions and bonuses.
- Death Benefit: In the event of the life assured’s death during the policy term, the nominee receives the applicable death benefit.
- Guaranteed Additions: Fixed additions are credited to the policy as per plan provisions.
- Loyalty Additions: Additional benefits may be payable on eligible policies based on LIC’s experience.
- Surrender Value: The policy acquires surrender value after the required minimum premium payment period.
Benefits of LIC Jeevan Samridhi Plan
- Life Cover Protection: Provides financial protection to the nominee if the life assured passes away during the policy term.
- Regular Survival Benefits: Periodic money-back payouts are provided during the policy term, helping meet planned financial requirements.
- Guaranteed Additions: Fixed additions are attached to the policy, enhancing the overall benefit amount.
- Loyalty Additions: Eligible policies may receive loyalty additions, subject to LIC’s experience and prevailing rules.
- Surrender Facility: The policy acquires surrender value after the required minimum premium payment period, providing flexibility to exit early.
- Tax Benefits: Premiums and benefits may qualify for tax benefits under the applicable provisions of the Income Tax Act.
Using the LIC Jeevan Samridhi Calculator
The LIC Jeevan Samridhi Calculator helps estimate premiums and policy benefits based on various policy parameters.
Typical inputs include:
- Policy term
- Sum Assured
- Age of the life assured
- Premium payment frequency
What the Calculator Shows
- Premium Amount: Estimated premium payable based on selected policy details.
- Survival Benefits: Periodic money-back payouts payable during the policy term.
- Maturity Benefit: Estimated maturity value including applicable additions and bonuses.
- Death Benefit: Benefit payable to the nominee in case of death during the policy term.
- Surrender Value: Approximate value available if the policy is surrendered after acquiring surrender eligibility.
How to Use the Calculator
- Enter the age of the life assured.
- Select the desired policy term.
- Choose the required Sum Assured.
- Enter the premium payment mode.
- Calculate to view estimated premiums and benefits.
The calculator uses policy parameters to provide estimated values for planning and reference purposes.
Sample Illustration
Example assumptions:
- Age: 35 years
- Policy Term: 15 years
- Sum Assured: ₹1,00,000
- Annual Premium: Approximately ₹10,483
Under this illustration, survival benefits are payable during the policy term, while the maturity benefit consists of the Sum Assured along with applicable additions and bonuses. The policy may also acquire surrender value after the prescribed period.
Why Use the LIC Jeevan Samridhi Calculator?
- Understand premium commitments before purchase.
- Estimate future policy benefits.
- Compare different Sum Assured and term options.
- Track maturity and surrender values for existing policies.
- Support long-term financial planning.
Important Information
LIC Jeevan Samridhi is a withdrawn plan and is no longer available for new purchases. However, existing policyholders continue to receive benefits according to the terms and conditions of their policies.
The calculator remains useful for estimating premiums, maturity proceeds, survival benefits, and surrender values associated with existing LIC Jeevan Samridhi policies.
External Resources and Links
- Official LIC Website for Plan Details: LIC India
- LIC Jeevan Samridhi Plan Document (UIN 512N215V01) on LIC Website
- LIC Policy Calculators and Tools: LIC Calculators
Summary of LIC Jeevan Samridhi Features
| Feature | Details |
|---|---|
| Plan Type | Money-back Life Assurance |
| UIN | 512N215V01 |
| Launch Date | 2002 |
| Withdrawal Date | 2005 |
| Premium Payment Term | Equal to Policy Term |
| Policy Term Options | 12, 15, 20, 25 years |
| Money-back Benefits | Periodic payouts during the term |
| Maturity Benefit | Sum assured + bonuses |
| Death Benefit | Sum assured |
| Surrender Value | After 3 policy years |
| Tax Benefits | Section 80C |
Frequently Asked Questions
What is the LIC Jeevan Samridhi plan?
LIC Jeevan Samridhi is a money-back life insurance plan launched by LIC that offers life cover, periodic survival benefits, and maturity returns with bonuses.
What is the Unique Identification Number (UIN) of Jeevan Samridhi?
The UIN for LIC Jeevan Samridhi is 512N215V01.
Is the LIC Jeevan Samridhi plan still available for purchase?
No, the plan was launched in 2002 and withdrawn from new sales in 2005. Existing policyholders continue to enjoy benefits.
What benefits does the Jeevan Samridhi plan offer?
It provides death benefits, survival money-back payouts during the term, guaranteed additions, loyalty bonuses, and maturity benefits.
How does the LIC Jeevan Samridhi Calculator help policyholders?
The calculator estimates premiums, maturity amount, survival benefits, death benefit, and surrender value based on inputs like age, policy term, and sum assured.
Conclusion
The LIC Jeevan Samridhi plan (UIN: 512N215V01) is a classic money-back life insurance plan that offered a blend of life cover, survival benefits, guaranteed additions, loyalty bonuses, and maturity benefits. It was launched in 2002 and withdrawn from new sales in 2005.
The plan ensured regular periodic payouts during the policy term and a lump sum on maturity or on the death of the insured.
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